Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

Group 1 - The report maintains a positive outlook on the AI chain, emphasizing the impact of the storage cycle and the acceleration of self-control in the industry [1] - In 2026, the focus will be on the AI chain, storage cycles, and the acceleration of self-control, with expectations of continued growth in the electronics sector driven by AI data centers and terminal demand recovery [1][3] - The storage sector is expected to enter a price increase cycle starting in the second half of 2025 due to significant supply-demand imbalances [1][3] Group 2 - The Scaling Law remains effective, transitioning into a 2.0 phase that enhances model capabilities and drives demand for computing power [2][18] - The demand for high-end PCBs is anticipated to increase significantly in 2026, driven by the upgrade of AI server platforms and the growth of cloud service providers' self-developed ASICs [2][73] - The AI-driven demand for storage is expected to grow rapidly, with major storage manufacturers like SanDisk, Micron, and Samsung announcing price increases, indicating a sustained upward trend in storage prices [3][60] Group 3 - The domestic storage chip and module manufacturers are expected to benefit from the upward cycle in storage prices, with a focus on DRAM and NAND markets [3][4] - The trend towards domestic production in the storage sector is expected to continue, with companies like Changxin and Changcun expanding capacity and market share [4][66] - The consumer electronics sector may face pressure from rising storage prices, particularly affecting Android smartphones and PCs, while new product innovations could catalyze market recovery [5][72] Group 4 - The report highlights the importance of advanced processes and domestic production in the semiconductor industry, with a focus on improving production capacity and technology [4][68] - The AI chip market is projected to grow significantly, with a compound annual growth rate (CAGR) of 35.19% expected from 2025 to 2030, driven by strong demand for AI training and inference [60][66] - The custom AI chip market is anticipated to expand rapidly, with a forecasted CAGR of 53% from 2024 to 2028, as domestic internet companies increasingly adopt a dual approach of third-party procurement and self-developed ASICs [72][73]

Core Viewpoint - The company, Huadian Co., is planning to list on the Hong Kong Stock Exchange to raise funds for capacity expansion and investment in high-performance PCB development, particularly in the data communication and smart automotive sectors [1][5]. Group 1: Company Overview - Huadian Co. is a leading provider of PCB solutions in the data communication and smart automotive sectors, with a focus on high-growth and high-tech barrier products [2]. - The company has seen its stock price increase by over 84% this year, reaching a market capitalization of 138.7 billion RMB, with a TTM P/E ratio of 40.14, which is relatively low within the PCB sector [2]. Group 2: Market Position and Performance - Huadian Co. holds the top position globally in several PCB categories, including data center PCBs (10.3% market share), 22-layer and above PCBs (25.3% market share), and PCBs for switches and routers (12.5% market share) [4]. - The company has developed advanced technologies, including 108-layer multilayer board technology and the ability to mass-produce 44-layer and 54-layer PCBs, establishing a strong competitive moat [4]. Group 3: Financial Performance - The company's revenue and profit figures from 2022 to 2024 show significant growth, with revenues of 8.336 billion RMB, 8.938 billion RMB, and 13.342 billion RMB, and profits of 1.362 billion RMB, 1.490 billion RMB, and 2.566 billion RMB respectively [6]. - For the first three quarters of 2025, Huadian Co. reported revenues of 13.512 billion RMB, a year-on-year increase of 49.96%, and profits of 2.713 billion RMB, up 48.25% [6]. Group 4: Dividend Policy - The company has been generous with dividends, declaring 285 million RMB, 286 million RMB, 957 million RMB, and 962 million RMB from 2022 to the first half of 2025 [6]. Group 5: Strategic Focus and Future Growth - The company identifies AI-driven data center demand and the rapid development of electric and intelligent vehicles as key growth drivers for its long-term performance [5]. - The revenue contribution from high-speed switches and routers has been significant, with a notable increase in the share of AI servers and HPC in total revenue [8]. Group 6: Inventory Management - Despite a significant increase in inventory, the average turnover days have not extended, indicating effective inventory management [9].

Group 1 - Meta Platforms CEO Mark Zuckerberg plans to significantly reduce investment in the metaverse, with discussions of a potential 30% budget cut for the metaverse team, which includes Meta Horizon Worlds and the Quest VR division, with layoffs possible as early as January [2] - Cambricon issued a stern statement denying misleading information circulating about its products, clients, and capacity forecasts, urging investors to rely on publicly disclosed information [2] - Moore Threads officially listed on the STAR Market, raising 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [2] - Xingfa Group secured a large order for 80,000 tons of lithium iron phosphate energy storage materials from BYD [2] - Chaoying Electronics plans to invest $100 million to expand its Thai subsidiary, increasing AI computing high-end PCB capacity [2] Group 2 - Huadian Technology submitted its IPO application to the Hong Kong Stock Exchange, intending to use the funds for production capacity expansion and R&D in high-performance PCBs for data communication and smart vehicles [4] - Tianyu Semiconductor announced the global offering results with a share price of HKD 58.00, and the Hong Kong public offering was oversubscribed 60.63 times [4] - Zhongwei Electronics' controlling shareholder is planning a change in company control, leading to a stock suspension [4] - Sun Cable's major shareholder plans to reduce its stake by up to 21.67 million shares, representing 3% of the total share capital, within three months after 15 trading days [4] Group 3 - Amazon's AWS launched the Graviton5 processor and M9G instances, with plans for C9G and R9G instances in 2026 [6] - Apple announced executive team changes, with Kate Adams set to retire and Jennifer Newstead joining as Senior Vice President [6] - Microsoft raised Office subscription prices for enterprise and government clients by up to 33% while denying a reduction in AI sales targets [6] - AT&T received FCC approval for a $1 billion acquisition of U.S. cellular spectrum licenses [6] - Chevron's 2026 capital expenditure is projected to be between $18 billion and $19 billion, focusing on U.S. production and investments related to recent acquisitions [6] Group 4 - Samsung Electronics secured over 50% of orders for NVIDIA's 2026 SOCAMM 2 chip in the semiconductor sector and is preparing for mass production of HBM4 [8] - SK Hynix is making personnel adjustments to enhance AI memory competitiveness and plans to enter the niche DRAM foundry market by 2027 [8] - Hyundai's Ulsan plant will halt electric vehicle production for the 10th time this year, reflecting demand fluctuations in the EV market [8] - LG Electronics announced the timing and theme for its CES 2026 event and is collaborating with Taboola to launch a new TV advertising solution [8] Group 5 - Brevo completed a €500 million financing round, with General Atlantic and Oakley Capital joining as shareholders, aiming for €1 billion in annual revenue by 2030 [10] - Eurostar and the German railway company signed a memorandum of understanding for a UK-Germany rail connection project [10]

Core Viewpoint - The leading printed circuit board (PCB) manufacturer, Hushi Electronics, has applied for a secondary listing in Hong Kong, focusing on high-end applications in artificial intelligence servers and smart vehicles, driving strong revenue growth [1][2]. Group 1: Company Overview - Hushi Electronics has submitted its listing application to the Hong Kong Stock Exchange, following a similar move by competitor Dongshan Precision just a week prior [2][3]. - The company has experienced a 57% year-on-year revenue growth and a 49% increase in profit for the first half of this year, maintaining a competitive high gross margin [2][5]. - Hushi Electronics has strategically shifted its focus from consumer electronics to high-end PCB products for smart vehicles and AI applications, distinguishing itself from Dongshan Precision, which remains rooted in the more mature consumer electronics market [5][6]. Group 2: Production and Market Position - Hushi Electronics operates five production bases, with notable projects in Jiangsu and Thailand, the latter focusing on advanced products for high-speed networking and AI servers [6][8]. - The company has become the largest supplier of data center PCBs globally, with a market share of 10.3% as of June this year [6]. - Hushi Electronics leads the high-end HDI PCB market for L2 and above autonomous driving domain controllers, holding a market share of 15.2% [7]. Group 3: Financial Performance - The data communication PCB segment is the largest growth driver for Hushi Electronics, with a 71% year-on-year revenue increase, reaching 6.53 billion yuan, accounting for over 75% of total revenue [8]. - The company's gross margin has increased from 27.9% in 2022 to 32.3% in the first half of this year, reflecting its focus on high-end markets [8]. - Hushi Electronics' net profit for the first half of 2025 grew by 49% year-on-year, from 1.14 billion yuan to 1.68 billion yuan, with cash reserves increasing from 1.54 billion yuan to 2.74 billion yuan [9].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依賴該 等內容而引致的任何損失承擔任何責任。 WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD. 滬士電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 閣下閱覽本公 告，即表示 閣下知悉、接納並向滬士電子股份有限公司（「本公司」）、其聯席保 薦人、整體協調人、顧問或包銷團成員表示同意： 1 (a) 於聯交所網站登載本公告，並不引起本公司、其聯席保薦人、整體協調人、 顧問或包銷團成員須在香港或任何其他司法權區進行發售活動或配售的任何 責任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為誘使認購或購買任何證券，亦無意構成該等勸誘； (d) 本公司或 ...

Core Viewpoint - The company has achieved mass production capability for PCB products used in 1.6T switches and has initiated small batch shipments [2] Group 1 - The company confirmed its readiness for mass production of PCB products [2] - Small batch shipments for the 1.6T switch PCB products have commenced [2]

Core Viewpoint - Huadian Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion and accelerate internationalization [1] Group 1: Company Developments - The IPO marks a significant step in the maturity of the company's global supply chain delivery system [1] - The Thailand facility has entered mass production in Q2 2025 and has received customer recognition [1] - The company is focusing on high-end capacity expansion and cutting-edge technology research and development, such as CoWoP [1] Group 2: Market Position and Demand - Huadian is a global leader in the PCB field for data centers and switches [1] - There is strong demand for PCBs related to high-speed network switches, AI servers, and HPC [1] - The company has integrated multiple North American major clients into its supply chain [1] Group 3: Investment Outlook - The ongoing progress in domestic and overseas capacity expansion is promising [1] - The company maintains a "buy" rating based on its growth prospects and market position [1]

截至9月30日，沪电股份股东户数16.20万，较上期增加26.43%；人均流通股11866股，较上期减少 20.88%。2025年1月-9月，沪电股份实现营业收入135.12亿元，同比增长49.96%；归母净利润27.18亿 元，同比增长47.03%。 分红方面，沪电股份A股上市后累计派现41.12亿元。近三年，累计派现22.04亿元。 今年以来沪电股份已经6次登上龙虎榜，最近一次登上龙虎榜为11月25日，当日龙虎榜净买入3.11亿 元；买入总计7.56亿元 ，占总成交额比18.46%；卖出总计4.45亿元 ，占总成交额比10.86%。 资料显示，沪士电子股份有限公司位于江苏省昆山市玉山镇东龙路1号,香港铜锣湾勿地臣街1号时代广 场2座31楼，成立日期1992年4月14日，上市日期2010年8月18日，公司主营业务涉及印制电路板的研 发、生产和销售。主营业务收入构成为：PCB业务收入95.98%，其他(补充)4.02%。 沪电股份所属申万行业为：电子-元件-印制电路板。所属概念板块包括：交换机、5G、英伟达概念、云 计算、无人驾驶等。 12月2日，沪电股份盘中下跌2.01%，截至13:25，报70.64元/股 ...